Higher Court Confirms Timely Section 7 Application Filing Under Insolvency Code; Tribunal Review on Debt Unnecessary.

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....Initiation of CIRP - Maintainability of section 7 application - time limitation - The question of limitation was taken to the higher court and ultimately it has been proved that the application was within the limitation. In such circumstances, the Tribunal should not have gone in for further investigating on the issue as to whether there is debt and default in the present case for the purpose of admission of the application. - AT....